Real estate sales on the Outer Banks continue at a pace similar to last year. This is good news because last year was the best year since 2005. More good news for sellers is that there are fewer Outer Banks homes for sale in most areas. Over the last few years inventory has been too high for demand to pressure prices up. The current low supply of OBX homes may impact prices soon.
Are Outer Banks property values increasing?
Another good sign is the recent increase in the average sold price per square foot of heated living area for residences. January was the first time in almost six years where this number went above $190 per square foot for Outer Banks homes. February was not far behind with an average sold price per square foot of just under $190. Upward movement in this statistic either indicates rising house prices or a trend of buyers buying houses in more expensive areas.
Is it a good time to buy?
There are still pockets of areas where good values are available in many places on the Outer Banks. Vacation rental income continues to be good for properties. Couple this income with low interest rates and affording a vacation rental home is as easy as it has been in years. Buying in the spring can result in picking up some immediate income for the property so if you are thinking of buying soon, it might be worth taking a look around. If you are thinking of selling it’s likely that prices are not as high as they were ten years ago but there are plenty of buyers looking for value.
Scott Team Realty puts out a market report on a regular basis. Here’s a link to the most recent entire report. http://r.b5z.net/i/u/10116302/f/marketindicatorsmar16.pdf